(1) Except as otherwise provided in subsection (b) of this section, a person dissociated as a partner is not liable for a partnership obligation incurred after dissociation.
(2) A person that is dissociated as a partner is liable on a transaction entered into by the partnership after the dissociation only if: The partner would be liable on the transaction; and
(3) At the time the other party enters into the transaction: Less than two (2) years has passed since the dissociation; and
(4) The other party does not have knowledge or notice of the dissociation and reasonably believes that the person is a partner.
(5) By agreement with a creditor of a partnership and the partnership, a person dissociated as a partner may be released from liability for a debt, obligation, or other liability of the partnership.
(6) A person dissociated as a partner is released from liability for a debt, obligation, or other liability of the partnership if the partnership’s creditor, with knowledge or notice of the person’s dissociation but without the person’s consent, agrees to a material alteration in the nature or time of payment of the debt, obligation or other liability.